Four Things to Know Before Insuring Your Classic Car

Classic cars tend to carry both a monetary and sentimental value for their owners. Luckily, there is special auto insurance for classic cars. Unlike typical auto insurance, classic car insurance includes some unique stipulations. To ensure you are a bit more familiar with this type of coverage, Curtis Miller Insurance, an insurance company that serves the Parkersburg, WV area, shares a few things you should know ahead of your insurance purchase.

Classic Vehicle Status

Every insurance company has different specifications for what a classic vehicle is, but as a general rule, a vehicle is generally not considered a classic until it is at least a decade old.

Pre-Determined Value

Over time, a regular vehicle will depreciate over time, leaving you with less recompense if your vehicle is totaled in a collision. However, classic vehicles are covered up to a certain amount as long as they are covered under the policy. This limit can be adjusted if the vehicle increases in value. The value will be agreed upon by you and your insurance company and will be based on condition, market value, and the vehicle’s rarity.

Requirements for Storage

A car can suffer serious damage as a result of the elements, which is why most insurance companies will require that classic cars be stored in garages. Luckily, if your classic vehicle is kept in a garage or in another form of a storage facility and not used for a large portion of the year, you may be able to speak to the insurance company about a discount.

Limitations on Driving

Some insurance companies require that you drive your classic car a limited number of miles each year. Some only allow classic cars to be driven to car shows and the like. Therefore, it is important to be familiar with these limitations ahead of time so you can follow the rules. Otherwise, a claim may be denied later on.

Curtis Miller Insurance, serving Parkersburg, WV, can help you insure your classic car. If you have questions or would like to get classic car insurance coverage, contact us today.